The microalgae industry has attracted considerable interest worldwide due to the extensive application of microalgae and its potential in the renewable energy, biopharmaceutical, and nutraceutical industries. Growth in the microalgae industry has opened new avenues for food & beverages, pharmaceuticals and other applications. The growing demand for value-added products with remarkable pharmacological and biological qualities has provided growth potential for the microalgae market. According to the latest publication on the Microalgae Market by Meticulous Research®, the microalgae market is projected to reach $3.08 billion by 2030, at a CAGR of 9.4% from 2023 to 2030, while in terms of volume, this market is projected to reach 100,788.0 tons by 2030, at a CAGR of 12.8% from 2023 to 2030.
The microalgae market is mainly driven by consumer inclination toward health & wellness trends and the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, and the increasing preference for microalgae-sourced products. However, low awareness regarding the benefits of microalgae and the complexities in the production of algae products are expected to restrain the growth of this market.
The rising demand for phycocyanin and the growing demand for microalgae among biorefineries are expected to create market growth opportunities. However, contamination risks are a major challenge for the players operating in this market. Additionally, the growing adoption of new production technologies (photobioreactors) is a prominent trend in the global microalgae market.
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The global microalgae market is segmented by type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Nannochloropsis, and other microalgae); production technique (ponds, fermenters, and photobioreactors); category (inorganic and organic); distribution channel [business channel (B2B) and consumer channel (B2C)]; application (nutraceuticals, food & beverages, animal feed, cosmetics, and other applications); and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on geography, the microalgae market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global microalgae market. The large share of this regional market is attributed to the huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key algae biomass manufacturers with huge production capacities, especially in the U.S.
However, Europe is expected to witness significant growth during the forecast period, mainly due to the increased adoption of microalgae, especially spirulina and chlorella, in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin space.
Based on type, the Haematococcus pluvialis segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the increasing demand for natural astaxanthin for nutraceuticals, growing demand for natural food colorants, and increasing awareness about clean-label products. Moreover, the growing use of natural astaxanthin in poultry and aquaculture is further expected to support the growth of this segment during the forecast period.
Based on production technique, the photobioreactors (PBR) segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the growing demand for algal biomass from the nutraceuticals, pharmaceuticals, cosmetics, food and beverage, and biofuel industries. Moreover, the several benefits of the photobioreactors microalgae cultivation system, such as lower vulnerability to species contamination; higher productivity; lower harvesting cost; reduced water and carbon dioxide losses; and easier control of the cultivation conditions such as temperature and pH, are further expected to support the growth of this market across the globe.
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Based on category, the global microalgae market is segmented into inorganic and organic. The organic segment is projected to register the highest CAGR during the forecast period of 2023–2030 due to the increasing demand for certified organic products in the food industry and the growing demand for natural food colorants. Furthermore, increasing demand for organic growth media by microalgae manufacturers is further expected to support the growth of this market across the globe.
Based on distribution channel, the microalgae market is mainly segmented into consumer channel (B2C) and business channel (B2B). In 2023, the business channel (B2B) segment is expected to account for the larger share of the global microalgae market. The large market share of this segment is mainly attributed to the direct bulk purchasing of microalgae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development.
Based on application, the microalgae market is segmented into nutraceuticals, food & beverages, cosmetics, animal feed, and other applications. In 2023, the nutraceuticals segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives for traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.
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Geographic Review:
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. – PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China).
Key Questions Answered in the Report-
- What is the current value of revenue generated by the global microalgae market?
- At what rate is the global demand for microalgae projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the microalgae market?
- What are the major factors impacting the growth of this market at global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the microalgae market?
- Which type, production technique, category, distribution channel, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are likely to offer significant growth opportunities for the manufacturers in this market during the analysis period?
- Who are the major players in the microalgae market? What are their specific product offerings in this market?
- What recent developments have taken place in the microalgae market? What impact have these strategic developments created on the market?
Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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